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Pachter: Grand Theft Auto V could sell 24 million units

Wedbush Morgan analyst Michael Pachter has said that Grand Theft Auto V could sell 18 million units, as well as going on to sell as much as 24 million units.

Pachter said that sales will help Take Two shares go over the magic $2 barrier, something that T2 CEO Strauss Zelnick was touchy upon when asked about that and the next GTA by an analyst during the company's Q1 financial call on Monday.

"We expect the next Grand Theft Auto to sell at least 18 million units, representing a 20% attach rate to the estimated 2011 year-end installed base of PS3 and Xbox 360 in the U.S. and Europe. At this level, we estimate that Grand Theft Auto will generate at least $2.65/share in incremental EPS, making Take-Two’s forecast of 'in excess' of $2.00 per share in earnings during FY:13 easily attainable," Pachter said in a note.

"Should the game sell 24 million units (in line with its historical attach rate), we expect contribution of more than $4.00 per share in incremental EPS. Importantly, the company has a history of providing conservative guidance, and without a GTA game in FY:13, we would not expect management to be so bold as to guide to earnings over $2.00."

The next GTA installment has been rumoured for yoinks now, but nothing has materialised.

Thanks, IG.

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